The Carlyle Group (NASDAQ:CG) Q2 2023 Earnings Conference Call August 2, 2023 8:30 AM ET

Company Participants

Daniel Harris - Head of Investor Relations

John Redett - Incoming Chief Financial Officer & Head of Corporate Strategy

Harvey Schwartz - Chief Executive Officer

Curtis Buser - Chief Financial Officer

Conference Call Participants

Alexander Blostein - Goldman Sachs

Kenneth Worthington - JP Morgan

Brian McKenna - JMP Securities

Glenn Schorr - Evercore ISI

Brian Bedell - Deutsche Bank

Michael Cyprus - Morgan Stanley

Rufus Hone - BMO Capital Markets

Craig Siegenthaler - Bank of America

Michael Cyprys - Morgan Stanley

Operator

Good day and thank you for standing by. Welcome to the Carlyle Group Second Quarter 2023 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to Daniel Harris, Head of Investor Relations. Please go ahead, sir.

Daniel Harris

Thank you, Norma. Good morning and welcome to Carlyle's second quarter 2023 earnings call. With me on the call this morning is our Chief Executive Officer, Harvey Schwartz; Chief Financial Officer, Curt Buser; and incoming Chief Financial Officer and Head of Corporate Strategy, John Redett. Earlier this morning, we issued a press release and a detailed earnings presentation which is also available on our Investor Relations website. This call is being webcast and a replay will be available on our website.

We will refer to certain non-GAAP financial measures during today's call. These measures should not be considered in isolation from or a substitute for measures prepared in accordance with generally accepted accounting principles. We have provided a reconciliation of these measures to GAAP in our earnings release to the extent reasonably available. Any forward-looking statements made today do not guarantee future performance and undue reliance should not be placed on them. These statements are based on current management expectations and involve inherent risks and uncertainties, including those identified in the Risk Factors section of our annual report on Form 10-K that could cause actual results to differ materially from those indicated. Carlyle assumes no obligation to update any forward-looking statements at any time. So turning to our results. For the second quarter, we generated $207 million in fee-related earnings and $389 million in distributable earnings with DE per common share of $0.88. Our carry balance was $3.7 billion as of the end of the quarter and we declared a quarterly dividend of $0.35 per common share. In order to ensure participation by all those on the line today, please limit yourself to one question and then return to the queue for any additional follow-ups.